IAFA 4034 Spring 18  Re-sit CW

Recommended step by step guide to completing your coursework

Your coursework is quite engaging and need an organised approach in order to maximise your score. To this end, I will recommend you tackle it as follows:

1. Set up the company as required
2. Go through the whole assignment brief to identify the necessary accounts you will have to create in your chart of account.
3. Set up the suppliers (creditors or payables) as given ensuring you enter all details given and expected to be entered. Remember to enter the opening balances as in the opening trial balance provided.
4. Set up the customers (debtors or receivables) as above. Remember to enter the opening balances as in the opening trial balance provided.
5. Set up the product using all the details provided.
6. Post the opening balances from the opening trial balance using the journal entry.
7. Post all the purchases on a month by month basis. (Batch invoicing from supplier menu is recommended).
8. Post all the sales on a month by month basis. (Batch invoicing from customers menu is recommended).
9. Post all the receipts and payments for customers and suppliers respectively via Customers receipts and supplier payments following the receipts and payment policy given in the assignment.
10. Use the bank payments procedure to deal with the asset and revenue payments.